invitation to the annual general meeting 2018 · policyholders´ surplus 10,778.5 -4.0% 11,231.4...

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Invitation to the Annual General Meeting 2018

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Invitation to the Annual General Meeting 2018

Key figures

Figures in EUR million 2017

+ / – previous

year 2016 1 2015 2014 2013

Results

Gross written premium 17,790.5 +8.8% 16,353.6 17,068.7 14,361.8 13,963.4

Net premium earned 15,631.7 +8.5% 14,410.3 14,593.0 12,423.1 12,226.7

Net underwriting result -488.5 115.9 93.8 -23.6 -83.0

Net investment income 1,773.9 +14.4% 1,550.4 1,665.1 1,471.8 1,411.8

Operating profit (EBIT) 1,364.4 -19.2% 1,689.3 1,755.2 1,466.4 1,229.1

Group net income 958.6 -18.2% 1,171.2 1,150.7 985.6 895.5

Balance sheet

Policyholders´ surplus 10,778.5 -4.0% 11,231.4 10,267.3 10,239.5 8,767.9

Equity attributable to share-holders of Hannover Rück SE 8,528.5 -5.2% 8,997.2 8,068.3 7,550.8 5,888.4

Non-controlling interests 758.1 +2.0% 743.3 709.1 702.2 641.6

Hybrid capital 1,492.0 +0.1% 1,490.8 1,489.9 1,986.5 2,237.8

Investments (excl. funds with-held by ceding companies) 40,057.5 -4.2% 41,793.5 39,346.9 36,228.0 31,875.2

Total assets 61,196.8 -3.8% 63,594.5 63,214.9 60,457.6 53,915.5

Share

Earnings per share (basic and diluted) in EUR 7.95 -18.2% 9.71 9.54 8.17 7.43

Book value per share in EUR 70.72 -5.2% 74.61 66.90 62.61 48.83

Dividend 603.0 – 603.0 572.8 512.5 361.8

Dividend per share in EUR 3.50 + 1.50 2, 3 – 3.50 + 1.50 3 3.25 + 1.50 3 3.00 + 1.25 3 3.00

Share price at year-end in EUR 104.90 +2.0% 102.80 105.65 74.97 62.38

Market capitalisation at year-end 12,650.6 +2.0% 12,397.4 12,741.1 9,041.2 7,522.8

Ratios

Combined ratio (property and casualty reinsurance) 4 99.8% 93.7% 94.4% 94.7% 94.9%

Large losses as percentage of net premium earned (property and casualty reinsurance) 5 12.3% 7.8% 7.1% 6.1% 8.4%

Retention 90.5% 89.3% 87.0% 87.6% 89.0%

Return on investment (excl. funds withheld by ceding companies) 6 3.8% 3.0% 3.5% 3.3% 3.4%

EBIT margin 7 8.7% 11.7% 12.0% 11.8% 10.1%

Return on equity (after tax) 10.9% 13.7% 14.7% 14.7% 15.0%

1 Restated pursuant to IAS 8 (cf. section 3.1 of the notes) 2 Proposed dividend3 Dividend of EUR 3.50 plus special dividend of EUR 1.50 for 2017, dividend of EUR 3.50 plus special dividend of EUR 1.50 for 2016,

dividend of EUR 3.25 plus special dividend of EUR 1.50 for 2015 and dividend of EUR 3.00 plus special dividend of EUR 1.25 for 20144 Including expenses on funds withheld and contract deposits5 Hannover Re Group’s net share for natural catastrophes and other major losses in excess of EUR 10 million gross as a percentage

of net premium earned6 Excluding effects from ModCo derivatives7 Operating result (EBIT) / net premium earned

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Invitation to the Annual General Meeting 2018

Dear Ladies and Gentlemen,

hereby we invite you to the Annual General Meeting of Hannover Rück  SE on Monday, 7 May 2018, at 11.00 am (admittance at 9:30 am) in the HCC HannoverCongress Centrum (Kuppelsaal), Theodor-Heuss-Platz 1 – 3, 30175 Hannover, Germany.

• Security ID number: 840 221, ISIN DE0008402215

• Total number of shares: 120,597,134

• Total number of voting rights: 120,597,134

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Agenda and Proposed Resolutions

1. Presentation of the adopted annual financial statements and the approved consolidated financial statements as well as the combined management report for Hannover Rück SE and the Group for the 2017 financial year and report of the Supervisory Board

The Supervisory Board has approved the annual financial statements drawn up by the Executive Board and the consolidated financial statements; the annual financial state-ments are thereby adopted. The General Meeting is consequently not required to adopt a resolution on Item 1 of the Agenda.

2. Resolution on the appropriation of the disposable profit

The Executive Board and Supervisory Board propose that the disposable profit for the 2017financial year in an amount of EUR 1,274,000,000.00 should be appropriated as follows:

Distribution of a EUR 3.50 dividend oneach eligible no-par-value share EUR 422,089,969.00

Distribution of a EUR 1.50 special dividend oneach eligible no-par-value share EUR 180,895,701.00

Profit carried forward to new account EUR 671,014,330.00

Disposable profit EUR 1,274,000,000.00

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3. Resolution ratifying the acts of management of the members of the Executive Board for the 2017 financial year

The Executive Board and Supervisory Board propose that the acts of management of the members of the Executive Board serving in the 2017 financial year should be ratified for this period.

4. Resolution ratifying the acts of management of the members of the Supervisory Board for the 2017 financial year

The Executive Board and Supervisory Board propose that the acts of management of the members of the Supervisory Board serving in the 2017 financial year should be ratified for this period.

5. By-elections to the Supervisory Board

Mr. Wolf-Dieter Baumgartl and Dr. Klaus Sturany have resigned their mandates as mem-bers of the Supervisory Board of Hannover Rück SE with effect from the end of theOrdinary General Meeting on 7 May 2018.

Pursuant to Art. 40 Para. 2, 3 of Council Regulation (EC) No. 2157 / 2001 of 8 October 2001 on the Statute of a European Company (SE), Section 17 of the German SE Implementation Act (SEAG), Section 21 Para. 3 of the German SE Participation Act (SEBG), Part III of the Agreement on the Participation of Employees in Hannover Rück SE of 23 January 2013 (SE Agreement) and Article 10 of the Articles of Association of Hannover Rück SE, the Supervisory Board is comprised of nine members, of whom six are shareholder repre-sentatives and three are employee representatives. The shareholder representatives on the Supervisory Board are elected by the General Meeting.

In view of the resignations of Mr. Baumgartl and Dr. Sturany effective from the end of the Ordinary General Meeting on 7 May 2018, two shareholder representatives are to be elected to the Supervisory Board by the General Meeting.

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The Supervisory Board proposes that the following persons should be elected to the com-pany’s Supervisory Board as shareholder representatives with effect from the end of the Ordinary General Meeting on 7 May 2018 until the expiry of the term of office of the depart-ing members, i. e. until the end of the General Meeting that ratifies the acts of management of the Supervisory Board for the 2018 financial year, but for a maximum of two years:

a. Dr. Ursula Lipowsky, Munich

Management consultant

Württembergische Lebensversicherung AG Member of the Supervisory BoardMecklenburgische Lebensversicherungs-AG Member of the Supervisory BoardMecklenburgische Krankenversicherungs-AG Member of the Supervisory Board

b. Mr. Torsten Leue, Hannover

Member of the Board of Management of HDI Haftpflichtverband der Deutschen Industrie V.a.G. Member of the Board of Management of Talanx AGChief Executive Officer of Talanx International AG

HDI Global SE Chairman of the Supervisory BoardHDI Kundenservice AG Chairman of the Supervisory BoardTalanx Deutschland AG Chairman of the Supervisory BoardTalanx Service AG Chairman of the Supervisory BoardE+S Rückversicherung AG Member of the Advisory Board *HDI Assicurazioni SpA, Italy Deputy Chairman of the Administrative Board *

It is envisaged that the General Meeting will vote on the by-elections to the Supervisory Board by way of individual elections.

(The aforementioned supervisory board memberships are those within the meaning of Section 125 Para. 1 Sentence 5, first half-sentence of the Stock Corporation Act (AktG). The details marked * are those regard-ing comparable control boards at other domestic and foreign business enterprises pursuant to Section 125 (1) Sentence 5, second half-sentence of the Stock Corporation Act (AktG).)

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Information on the rights of shareholders

in accordance with Art. 56 Sentence 2 and Sentence 3 SE Regulation (SE-VO), § 50 Para. 2 SE Implementation Act (SEAG), §§ 122 Para. 2, 126 Para. 2, 127, 131 Para. 1 Stock Corpo-ration Act (AktG)

Motions to extend the Agenda at the request of a minority pursuant to Art. 56 Sentence 2 and Sentence 3 SE Regulation (SE-VO), § 50 Para. 2 SE Implementation Act (SEAG), § 122 Para. 2 Stock Corporation Act (AktG)

Shareholders whose interests jointly represent in aggregate one twentieth (5%) of the share capital or the pro rata amount of EUR 500,000.00 may request to have items placed on the Agenda and published. This quorum is required for requests to extend the Agenda by shareholders of a European Company (SE) pursuant to Art. 56 Sentence 3 of the SE Regulation (SE-VO) in conjunction with § 50 Para. 2 of the SE Implementation Act (SEAG). Each request for a new Agenda item must be accompanied by a justification and a pro-posed resolution. The request must be directed to the Executive Board and the Company must receive it by no later than 6 April 2018, 24:00 hours, at the address indicated below in the paragraph “Motions and election proposals of shareholders pursuant to §§ 126 Para. 1 and 127 Stock Corporation Act (AktG)”.

Shareholder motions and election proposals pursuant to §§ 126 Para. 1 and 127 Stock Corporation Act (AktG)

Countermotions – including reasons – to proposals made by the Executive Board and Super-visory Board with respect to a particular item of the Agenda and shareholder proposals for the election of Supervisory Board members shall be sent exclusively to the following address by no later than midnight on 22 April 2018 (date of receipt):

• by post or fax Hannover Rück SE Investor Relations Annual General Meeting Karl-Wiechert-Allee 50 30625 Hannover, Germany Fax +49 511 5604-1648

• electronically [email protected]

Countermotions and election proposals from shareholders that are made public can be accessed exclusively on the Internet at: www.hannover-re.com/286045/2018-annual-general-meeting

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If no countermotions or election proposals are received this will be indicated online.

Shareholder right of information pursuant to § 131 Para. 1 Stock Corporation Act (AktG)

The Executive Board is required to provide information about company matters including legal and business relationships with affiliated companies as well as the position of the Group and the companies included in the consolidated financial statements to any share-holder at their request during the Annual General Meeting insofar as this is necessary for proper appraisal of an item of the Agenda.

Information regarding participation

Pursuant to § 16 Para. 1 of the Articles of Association, shareholders who haveregistered by no later than midnight on 30 April 2018 (date of receipt) with the company’sregistered office

• in writing at the postal address: Hannover Rück SE Postfach 61 03 69 30603 Hannover, Germany

• by fax at the number: +49 6922 2234-287

• electronically at the website: (from 11 April 2018 onwards) https://netvote.hannover-rueck.de/en/Login/ or via the link www.hannover-re.com/286045/ 2018-annual-general-meeting

• or with: Hannover Rück SE Aktionärsservice Postfach 14 60 61365 Friedrichsdorf, Germany

• electronically at the e-mail address: [email protected]

and who are entered in the company’s share register for the registered shares at the time of the Annual General Meeting are entitled to participate in the Annual General Meeting and exercise their voting right. No further transfer entries will be made in the share register between the expiry of the registration deadline and the end of the Annual General Meeting.

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Procedure for voting

In accordance with statutory provisions, you have the option of having your vote exercised through a proxy if you are unable to attend the Annual General Meeting in person. The company has also designated proxies pursuant to § 16 Para. 3 of the Articles of Associa-tion. These are Ms. Julia Hartmann, Investor Relations, and Mr. Rainer Filitz, Group Legal Services. Provided you have registered to participate in the Annual General Meeting in due time, i. e. by no later than midnight on 30 April 2018 (date of receipt), you can use the reply form enclosed with this invitation to authorise the company’s designated proxies or your own nominated proxy to exercise your voting right by returning it by e-mail, post or fax to the addresses, e-mail address or fax number indicated above under “Information regarding participation”. You can also use our netVote Internet service.

Proof of authorisation of a proxy may also be communicated electronically to the following e-mail address: [email protected]

The granting of as well as changes to the authorisation or to the proxy authority and instruc-tions issued to the company’s designated proxies can also be effected by post, fax, email or netVote until no later than midnight on 6 May 2018 (date of receipt). If multiple decla-rations are received the most recently received declaration shall take precedence. Personal attendance at the Annual General Meeting shall be deemed to be a revocation of the author-isation or the proxy authority and instructions issued to the company’s designated proxies in advance of the Annual General Meeting.

In addition, shareholders who have arrived at the Annual General Meeting may even authorise the proxies designated by the company or third parties to exercise their voting right once they are at the Annual General Meeting.

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Procedure for voting by postal vote

Shareholders entered in the company’s share register are able to submit their votes with-out attending the Annual General Meeting. Only those shareholders of record on the day of the Annual General Meeting who have registered in due time are eligible to exercise the voting right by postal vote. Votes submitted by post must therefore be sent by post or fax no later than midnight on 30 April 2018 (date of receipt) to the addresses or fax number indicated above under “Information regarding participation” using the reply form enclosed with the invitation. You can also use our Electronic AGM Service netVote for this purpose.

Postal votes can also be cast and changed by post, fax, email or netVote by no later than midnight on 6 May 2018 (date of receipt). If multiple declarations are received the most recently received declaration shall take precedence.

The attendance in person of a shareholder or authorised third party at the Annual Gen-eral Meeting shall automatically be deemed to be a revocation of the previously submitted postal votes. Should an individual vote be held on an item of the Agenda without this hav-ing been notified in advance of the Annual General Meeting, a vote submitted on this item of the Agenda as a whole shall also be considered to be a corresponding vote submitted for each item of the individual vote. Please note that you are otherwise unable – even if using the Electronic AGM Service netVote – to submit a postal vote for votes that may be held on possible countermotions or on election proposals not brought forward prior to the Annual General Meeting or on other motions including procedural motions not notified in advance of the Annual General Meeting.

Nor is it possible for requests to speak, questions, motions or election proposals to be accepted or put forward in advance of or during the Annual General Meeting or to lodge objections to resolutions of the Annual General Meeting via postal vote.

Authorised financial institutions, shareholder associations and persons or institutions of equal status pursuant to § 135 Para. 8 and Para. 10 Stock Corporation Act (AktG) who offer their services to shareholders to exercise the voting right at the Annual General Meeting may also take advantage of postal voting.

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Electronic Annual General Meeting service netVot – ordering admission cards over the Internet

As a registered shareholder of Hannover Re, you can use the Internet to order admission cards for the Annual General Meeting, to give the company’s proxies your authority and instructions for the exercise of your vote or to exercise your vote via postal voting. Detailed information is provided in the enclosed reply form and on our website at:www.hannover-re.com/286045/2018-annual-general-meeting

Details of the Annual General Meeting Service Hotline for shareholders and banks

Financial institutions and shareholders may raise questions regarding our Annual General Meeting via e-mail by writing to [email protected]. In addition, our service hotline is available to you from 11 April 2018 onwards from Monday to Friday between 8.00 am and 5.00 pm by calling +49 6196 8870-706 or from Germany (toll-free) 0800 0004 525.

Further information can also be obtained from our website at: www.hannover-re.com/286045/2018-annual-general-meeting

Provision of information

The information pursuant to § 124 a Stock Corporation Act (AktG), and in particular the documents pursuant to § 175 Para. 2 Sentences 1 and 3 Stock Corporation Act (AktG), can be accessed via our website at: www.hannover-re.com/286045/2018-annual-general-meeting

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Information regarding Item 5 on the Agenda

(Particulars of the candidates proposed for the by-elections to the Supervisory Board)

a. Dr. Ursula Lipowsky

Date of birth: 19 September 1958Place of birth: Landshut

Academic background, trainingRead law at the Universities of Munich and Geneva; doctorate (Dr. jur.) from the University of Munich; Graduate School of Business, Stanford University

Professional career1987 – 1994 Legal specialist, Bayerische Rückversicherung AG, Munich (later renamed Swiss Re Germany AG)1994 – 1998 Divisional Manager Central Divisions Logistics and Legal, Bayerische Rückversicherung AG1998 – 2001 Divisional Manager Investments and Legal, Bayerische Rückversicherung AG2001 – 2015 Various Board mandates with the German companies belonging to the Swiss Re Group, Swiss Re Germany AG, Swiss Re Germany Holding AG, Swiss Re Frankona AG, Area of Board responsibility: Financesince 2015 Freelance consulting

No personal or business relationships as defined by Section 5.4.1 Paragraph 6 of the Ger-man Corporate Governance Code exist between Dr. Lipowsky and Hannover Rück SE, the governing bodies of Hannover Rück SE or any shareholders with a material interest in the company.

The Supervisory Board has satisfied itself that Dr. Lipowsky will be able to devote the expected amount of time required.

The proposal for election takes into account the targets adopted by the Supervisory Board on 9 August 2017 with regard to its composition.

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b. Mr. Torsten Leue

Date of birth: 7 June 1966 Place of birth: Berlin

Academic background, trainingCertified bank clerk, Deutsche Bank AG, BerlinDegree in business administration, Berlin

Professional career1993 – 1994 Allianz Sach-Versicherungs AG, Berlin Assistant to the Regional Manager1995 – 1996 Allianz Versicherungs AG, Berlin Regional Head of Distribution1997 – 2003 Allianz Versicherungs AG, Munich Regional Manager – Central and Eastern Europe 2004 – 2010 Chairman of the Board of Management of Allianz Slovakiasince 2010 Member of the Board of Management of Talanx AG, Hannover Chairman of the Board of Management of Talanx International AG, Hannoversince 2017 additionally Chairman of the Board of Management of HDI Haftpflichtverband der Deutschen Industrie V.a.G., Hannover and Labour Director of Talanx AG

Business relationships as defined by Section 5.4.1 Paragraph 6 of the German Corporate Governance Code exist between Mr. Leue and shareholders with a material interest in the company. Mr. Leue is a member of the Board of Management of Talanx AG and of HDI Haftpflichtverband der Deutschen Industrie V.a.G. Talanx AG has a direct material interest and HDI Haftpflichtverband der Deutschen Industrie V.a.G an indirect material interest in Hannover Rück SE.

The Supervisory Board has similarly satisfied itself that Mr. Leue will be able to devote the expected amount of time required.

The proposal for election takes into account the targets adopted by the Supervisory Board on 9 August 2017 with regard to its composition.

Hannover, March 2018

Hannover Rück SEThe Executive Board

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Organisational information

In order to ensure that the Annual General Meeting can be held in an orderly and timely manner, we would ask you to note the following:

Security measures

In the interests of all those attending, we shall again have extensive security measures in place this year. With this in mind, we would ask you not to bring any dangerous items such as knives or scissors with you. These will have to be held in safekeeping for you until you have left the Annual General Meeting. Please refrain also from bringing your own bever-ages or any other liquids. Beverages will be provided for you at the venue.

Meals and drinks

Food and beverages will be provided for all participants free of charge on the day of the event.

Language

The Annual General Meeting will be held in German. We would like to point out to all parti cipants that no provision has been made for simultaneous translation of the event into English or any other language.

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Requests to speak

If you would like to speak on an item of the Agenda, we would ask you to put in your request to speak as soon as possible at the table provided for this purpose (“Wortmeldetisch”) in front of the stage. Request forms are available at this table. The Chair of the meeting will then give you the floor at an appropriate time.

In order to ensure that the speaker’s remarks can be heard by all those attending the meeting, we would ask you to speak only from the podium set up in front of the stage.

Voting procedure

The start of voting will be announced over loudspeakers that are installed both inside and outside the meeting hall throughout the entire attendance zone. In order to ensure that the voting process goes smoothly, we would request that you leave the Annual General Meeting during voting only if you have either authorised a third party or if you have surrendered your voting card at one of the desks marked “Shareholder deregistration” (“Abmeldung Aktionäre”).

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Leaving the Annual General Meeting

If you wish to temporarily leave the Annual General Meeting, please have your voting card(s) ready and report to one of the desks marked “Shareholder deregistration” (“Abmeldung Aktionäre”). Our staff there will deregister your votes from the attendance for the dura-tion of your absence. When you re-enter the Annual General Meeting please report back to one of the desks marked “Shareholder registration” (“Anmeldung Aktionäre”) so as to have your votes registered again.

If you wish to permanently leave the meeting before the end of the last vote, we would again ask you to surrender your voting card(s). Unless you have authorised another participant to represent you, the votes will be deducted from the attendance.

If, however, you authorise another person to represent you, we would ask you to notify the transfer of your voting rights at one of the desks marked “Proxies and Instructions” (“Vollmachten und Weisungen”).

We would ask representatives of financial institutions and shareholder associations author-ised by shareholders to note that for shares that do not belong to them they may not grant delegated authority to third parties who are not employees of the financial institution or shareholder association in question unless the authority expressly permits the granting of delegated authority (§ 135 Para. 5 Stock Corporation Act (AktG)).

In order to ensure that the attendance remains unchanged during the voting process, we would ask you not to leave the Annual General Meeting during a particular vote.

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Live streaming on the Internet

Audio and video streaming of the Chief Executive Officer’s speech will be broadcast live on the website of Hannover Rück SE at www.hannover-re.com/286045/2018- annual-general-meeting. A video recording will also be accessible at the same Web address following the Annual General Meeting. Since verbal contributions of the participants in the Annual General Meeting will not be recorded, your rights of personality will not be breached by this broadcast. Our members of staff will be pleased to answer any further questions you may have.

Hannover, March 2018

Hannover Rück SEExecutive Board

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Arrival at Hannover Congress Centrum by car

HannoverCongressCentrum

Hamburg/Bremen

Messe-schnellweg

Airport Hannover-Langenhagen

ExitH.-Kleefeld

Bemeroder Straße

Seelhorster Kreuz

Südschnellweg

Ricklinger Kreisel

LandwehrKreisel

Bischofs-holer Damm

Celle

Berlin

Dortmund

Bad NenndorfB 65

Motorway junction Hannover-Buchholz

Motorway junction Hannover-Ost

Motorway junction Hannover-Süd

A37

A37

A7

A7A2

A2

Kassel / Frankfurt

Please enter “Schillstraße” in Hannover to your satnav, since some satnavs may not be able to find “Theodor-Heuss-Platz”. Please note that the HCC is located in the environmental green zone of Hannover. Direct access is therefore only possible with a green emissions sticker.

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From the North

Exit the A7 motorway at the “Hannover-Kirchhorst” junction and continue along the A37 / Messeschnellweg. Take the exit labelled “H.-Kleefeld” and turn right, right again at the first traffic lights onto Clausewitzstraße. Parking on Schackstraße or parking deck HCC.

From the East

Exit the A2 motorway at the “Hannover-Buchholz” junction and continue along the A37 / Messeschnellweg. Take the exit labelled “H.-Kleefeld” and turn right, right again at the first traffic lights onto Clausewitzstraße. Parking on Schackstraße or parking deck HCC.

From the South

Exit the A7 motorway at the “Hannover-Süd” junction and continue along the A37 / Messeschnellweg. Take the exit labelled “H.-Kleefeld” and turn left, then right at the first traffic lights onto Clausewitzstraße. Parking on Schackstraße or parking deck HCC.

From the West

Exit the A2 motorway at the “Hannover-Buchholz” junction, head towards Hannover along the A37 / Messeschnellweg. Take the exit labelled “H.-Kleefeld” and turn right, then right again at the first traffic lights onto Clausewitzstraße. Parking on Schackstraße or parking deck HCC.

Parking

The car park at the HCC is located on the West side of the complex and can be accessed via Schackstraße. If you are using a GPS system, please enter the address of the Hannover Congress Centrum (Theodor-Heuss-Platz 1 – 3, 30175 Hannover or Schillstraße, 30175 Hannover) and then follow the direction signs.

There are seven handicapped parking spaces very close to the main entrance. Parking garage 2 (“Parkhaus 2”) is also handicapped accessible (please turn right after the gate).

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Arrival at Hannover Congress Centrum by public transport

A2, A7 motorways Airport

Hannover-Langenhagen

Trade fair A7 motorwayFairground

H

HannoverCongressCentrum

Messe-schnellweg

Exit H.-Kleefeld

Seelhorster Kreuz

City

P

Braunschweiger Platz

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From the central railway station take bus number 128 or 134 towards “Peiner Straße”. These routes take you directly to Hannover Congress Centrum. Journey time: approx. ten minutes.

From “Kröpcke” subway station you should take suburban railway line 11 towards the “Zoo”. Journey time: approx. ten minutes.

From the airport you should take the “S5” suburban railway line to the central train sta-tion. Then take bus number 128 or 134 towards “Peiner Straße”. These routes take you directly to Hannover Congress Centrum. Journey time: approx. 35 minutes.

Hartung Druck + Medien GmbH, Hamburg, Germany

Printed on paper from environmentally responsible, socially compatible and economically viable forest management

Printed carbon neutral to offset greenhouse gas emissions

Published by Hannover Rück SE

Karl-Wiechert-Allee 5030625 Hannover, Germany

Tel. +49 511 5604-0Fax +49 511 5604-1188www.hannover-re.com

www.hannover-re.com